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AcquisitionsIllinoisIndustrialMidwest

ML Realty Purchases 66,939 SF Industrial Building in Bensenville, Illinois

by Kristin Harlow

BENSENVILLE, ILL. — ML Realty Partners has purchased a 66,939-square-foot industrial building in Bensenville for an undisclosed price. The multi-tenant property is located at 300-330 County Line Road. Three units are occupied by longstanding tenants, while the last available space for lease totals 16,396 square feet and features two docks and 1,397 square feet of office space. Jeffrey Devine and Steven Disse of Colliers International represented the undisclosed seller. Adam Stokes and Sean Bostrom of Nicolson Porter & List represented ML Realty and will market for lease the remaining available unit.

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AcquisitionsIllinoisMidwestMultifamily

Monument Capital Management Acquires 222-Unit Apartment Property in Mount Prospect, Illinois for $24.1M

by Kristin Harlow

MOUNT PROSPECT, ILL. — Monument Capital Management has acquired The Residences at 1450 in Mount Prospect for $24.1 million. Located at 1450 Busse Road, the nine-building property comprises 222 garden-style units. Some units feature private entrances and patios. Amenities include a clubhouse, pool, grill area, playground, dog park, volleyball court, fitness center and business center. The seller was not disclosed. The buyer plans to implement a value-add program and update the unit interiors.

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AcquisitionsHealthcareIllinoisMidwest

Marcus & Millichap Brokers $4.4M Sale of Single-Tenant Medical Property in Chicago for $4.4M

by Kristin Harlow

CHICAGO — Marcus & Millichap has brokered the sale of a 7,018-square-foot property net leased to DaVita in Chicago for $4.4 million. The building is located at 4323 N. Pulaski Road. The kidney care company has signed a new 15-year, double-net lease with 10 percent rent increases every five years. Austin Weisenbeck, Sean Sharko and Valerie Cook of Marcus & Millichap marketed the property on behalf of the seller, a developer. The buyer was not disclosed.

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Company NewsIllinoisMidwest

Cushman & Wakefield Announces IPO Pricing

by Kristin Harlow

CHICAGO — Cushman & Wakefield has announced the pricing of its initial public offering (IPO) of 45 million of its ordinary shares at a price to the public of $17 per share. The shares will be listed on the New York Stock Exchange and will trade under the symbol “CWK” beginning today. In addition, Cushman & Wakefield has granted the underwriters a 30-day option to purchase up to an additional 6.75 million ordinary shares at the public offering price less underwriting discounts and commissions. The Chicago-based real estate firm expects to use the net proceeds from the ordinary shares to reduce outstanding indebtedness. In particular, the firm plans to repay its second-lien loan, to pay the outstanding amount of the deferred payment obligation related to its acquisition of Cassidy Turley and any remaining net proceeds for general corporate purposes. Cushman & Wakefield filed for its IPO in June. Underwriters include a group of banks led by Morgan Stanley, J.P. Morgan, Goldman Sachs and UBS Investment Bank.

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AcquisitionsIllinoisIndustrialLee & AssociatesMidwest

Lee & Associates Brokers $2.8M Sale of Industrial Building in Romeoville, Illinois

by Kristin Harlow

ROMEOVILLE, ILL. — Lee & Associates has brokered the sale of a 37,720-square-foot industrial building in Romeoville for $2.8 million. The property is located at 515 Anderson Drive. Ryan Earley, Jeff Galante and Terry Grapenthin of Lee & Associates represented the buyer, Venture One Real Estate. Earley, along with Caroline Dell, have been retained to market the building for lease. The seller was not disclosed.

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IllinoisLoansMidwestOffice

Ready Capital Provides $7.9M Refinancing for Office Property in Chicago

by Kristin Harlow

CHICAGO — Ready Capital Structured Finance has provided a $7.9 million loan for the refinancing of a 38,000-square-foot office property in Chicago. The building, located on West Carroll Avenue in the Fulton Market neighborhood, was repositioned from an industrial warehouse into an office property. The non-recourse, floating-rate loan features a 36-month term. The borrower was not disclosed.

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AcquisitionsIllinoisMidwestRetail

Essex Brokers $7.5M Sale of Walgreens Property in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Essex Realty Group Inc. has brokered the sale of a single-tenant retail property occupied by Walgreens in Aurora for $7.5 million. The property is located at 1180 Farnsworth Ave. Walgreens has approximately 12 years left on its initial lease term. Steven Livaditis and Joe Scheck of Essex represented the buyer, CIMA Investors LLC, in the transaction. The seller was not disclosed.

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AcquisitionsIllinoisMidwestRetail

Love’s Travel Stops Purchases 13-Acre Site in Atkinson, Illinois

by Kristin Harlow

ATKINSON, ILL. — Love’s Travel Stops has purchased a 13-acre site at the northwest corner of I-88 and South State Street in Atkinson in northwestern Illinois. The purchase price was not disclosed. Love’s plans to open a location at the property in 2019. Dave Schmidt and Linda Kost of Realty Metrix Commercial represented Love’s in the transaction. JMP Atkinson Petroleum Inc. was the seller.

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IllinoisLoansMidwestMultifamily

Citizens Bank Provides $20.9M Construction Loan for Apartment Property in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — Citizens Bank has provided a $20.9 million loan for the construction of 42 luxury apartments at Norweta Row in Chicago’s Lincoln Park neighborhood. The development also includes 31 for-sale condominium units that will share amenities with the apartments, but were not part of the collateral for this loan. The apartment phase of the project is due for completion in spring 2019 and will encompass 79,000 square feet. Community amenities will include a pool, fire pit, outdoor grilling area, sport court and dog wash station. Christopher Knight and Greg LaBine of HFF arranged the loan on behalf of the borrower, Broder.

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IllinoisIndustrialLeasing ActivityMidwest

Elkay Signs 47,073 SF Industrial Lease in Downers Grove, Illinois

by Kristin Harlow

DOWNERS GROVE, ILL. — Elkay has signed a 47,073-square-foot industrial lease in Downers Grove. The kitchen sink company is relocating two of its business teams from 2222 Camden Court in Oak Brook in August, but the company’s headquarters will remain at the Oak Brook property. Dan Arends of Colliers International represented Elkay in the lease transaction. The landlord was not disclosed.

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